Here's the Isle of Man's plan to become a Bitcoin paradise

The Isle of Man, a tiny, Celtic island between the west coast of
England and Northern Ireland, is soon to pass legislation that
its government hopes will help it become a true paradise for
digital currencies. The island will be the first place in the
world to pass a "regulatory framework" for the alternative
payment method.

Now, the island's government has come up with a stronger
framework to give more support to digital currencies in such
situations.

The Isle of Man is a
30-mile long island off the coast of north-west England with a
population of around 85,000. Yet it has more than 170 startups,
20 of which are based around currency; is energy self-sufficient;
and has a GDP of £4 billion.

Digital companies make up 20% of that GDP.

Indeed, the Isle of Man has established itself as a key player in
the world of FinTech. It's a surreal juxtaposition: Although it's
a small, largely-rural landscape, Bitcoin has taken off
considerably. You're likely to go into a coffee shop or local pub
and find someone paying for a flat white or a pint of bitter with
Bitcoin. Even a taxi firm there accepts the digital currency.

It's a world away from the urban bustle of the London tech hub
Shoreditch and Silicon Roundabout — but the same high-tech
futurism is there.

The Isle of Man's Head of
e-commerce, Peter Greenhill.Isle of
Man

Head of e-commerce for the Isle of Man, Peter Greenhill, tells
Business Insider that the aim is to be the most attractive place
in the world for cryptocurrency companies to work from. Greenhill
explains that the island's parliament (the longest serving in the
world, he says), also safeguards businesses from online crime
through its Proceeds of Crime Act 2010.

Greenhill says the Isle of Man offers "friendly but firm
legislation" for digital currency startups. It is essentially an
offshore haven.

"We have the regulations and infrastructure in place to become a
world leader in digital currencies," Greenhill tells Business
Insider. "We already have companies coming in and setting up. We
see this as the future and we want to be at the centre of
development in this area."

By 2020, Greenhill expects the industry to grow by 23%. He touts
the sector to see huge economic gains from which the Isle of Man
can benefit. "FinTech is growing and we're a great landscape for
development."

Greenhill says that leading software engineers go to the island
to make use of the low taxes. He says that its attraction is
bolstered further because of a cool climate, which helps with
running high-power data centres. It has ultra-fast broadband
services, and there's also a "tight FinTech community" with
common goals to see the sector strengthen.

Chickens on the Isle of
Man.Isle of Man

"It's about offering the right environment to developers. We've
got more than 25 digital currency businesses based on the island"
Greenhill adds. "We're a microcosm of the UK and other countries
— a testing site and active experimentation lab for new
technologies."

The island is going to launch the "ICT University" at the end of
2015 with tech company partners HP and Huawei. The facility will
be open to up to 500 students and will act as an "incubator" for
talent. It will work alongside UK universities and plans are
being put in place to link with Canary Wharf finance/tech accelerator
Level39 as an offshore partner.